Domestic gold price today

Domestic gold prices fluctuated slightly this morning and remained at nearly VND67 million/tael. Currently, the domestic precious metal prices are listed specifically as follows:

SJC gold price in Hanoi and Da Nang is currently being bought at 66.45 million VND/tael and sold at 67.07 million VND/tael. In Ho Chi Minh City, SJC gold is still being bought at the same price as in Hanoi and Da Nang but sold at 20,000 VND lower.

Domestic gold prices fluctuated slightly this morning. Photo: VNA

DOJI brand gold price in Hanoi is listed at 66.45 million VND/tael for buying and 67.05 million VND/tael for selling. In Ho Chi Minh City, this brand gold is being bought at the same price but sold at 50,000 VND lower than in Hanoi.

Phu Quy SJC gold price is listed at 66.45 million VND/tael for buying and 67.05 million VND/tael for selling. PNJ gold is listed at 66.5 million VND/tael for buying and 67.1 million VND/tael for selling. Bao Tin Bao Tin Minh Chau gold is listed at 66.46 million VND/tael for buying and 67.03 million VND/tael for selling.

Domestic gold price updated at 5:30 am on June 20 as follows:

Yellow

Area

Early morning June 19

Early morning 20-6

Difference

Buy

Sell

Buy

Sell

Buy

Sell

Unit of measure:

Million VND/tael

Unit of measure:

Thousand dong/tael

DOJI

Hanoi

66.5

67.1

66.45

67.05

-50

-50

Ho Chi Minh City

66.5

67

66.45

67

-50

-

Phu Quy SJC

Hanoi

66.45

67.05

66.45

67.05

-

-

PNJ

Ho Chi Minh City

66.6

67.15

66.5

67.1

-100

-50

Hanoi

66.6

67.15

66.5

67.1

-100

-50

SJC

Ho Chi Minh City

66.5

67.1

66.45

67.05

-50

-50

Hanoi

66.5

67.12

66.45

67.07

-50

-50

Danang

66.5

67.12

66.45

67.07

-50

-50

Bao Tin Minh Chau

Nationwide

66.55

67.1

66.46

67.03

-90

-70

World gold price today

World gold prices fell slightly early this morning with spot gold down $4.5 to $1,952.6 an ounce. August gold futures last traded at $1,963.5 an ounce, down $7.7 from early the previous day.

The recovery of the US dollar put pressure on gold in the first trading session of the week. Early this morning, the US Dollar Index, which measures the greenback's fluctuations against 6 major currencies, increased by 0.23%, taking away the appeal of gold to buyers holding other currencies.

While gold is struggling to gain traction, analysts note that its strength now depends on how much support there is in the market. The Commodity Futures Trading Commission’s (CFTC) Commitments of Traders report for the week ended June 13 showed that money managers reduced their speculative long positions in Comex gold futures by 10,473 contracts to 110,512. Meanwhile, short positions increased by 8,312 contracts to 35,869.

The gold market is currently net buying 74,643 contracts, down to the lowest level since March 14. During the survey period, gold prices traded in a narrow range, with support around $1,950/ounce and resistance around $1,980/ounce.

The decline in speculative positions comes after weeks of relatively stable trading. Some analysts said the move in the gold market was not surprising as investors and hedge funds rebalanced their positions ahead of the Federal Reserve's monetary policy decision.

Last week, the Fed decided to keep interest rates unchanged but maintained its hawkish tone and left open the possibility of two more rate hikes this year. The “halting of the hawkish” sent gold prices to a three-month low, testing support at $1,930 an ounce.

World gold prices fell slightly this morning. Photo: Kitco

However, the gold market did not fall for long, returning to its previous trading range of $30 before the end of the week. Analysts have noted that the price action shows that there is still a lot of interest in gold; however, investors are becoming more tactical when building positions.

“We have identified that there is still strong buying interest in the gold market. However, there is no trigger for a larger rally to $2,000 an ounce. I think we need to get back above $1,985 an ounce before bullish sentiment returns to gold,” said Ole Hansen, head of commodity strategy at Saxo Bank.

Commodity analysts at TD Securities said gold remains supported as markets begin to doubt the Fed's optimistic outlook on rate hikes. Analysts said the central bank's next move is likely to be a rate cut.

In a Twitter comment, Fred Hickey, creator of the investment newsletter High-Tech Strategist, noted that the net position in gold has dropped 20% since last week, but the price of gold has barely changed. He added that the selling pressure comes as gold enters a seasonal weakness, which he noted is a perfect buying opportunity.

With domestic gold prices fluctuating slightly and world gold prices listed at Kitco at 1,952.6 USD/ounce (equivalent to nearly 55.7 million VND/tael if converted at Vietcombank exchange rate, excluding taxes and fees), the difference between domestic and world gold prices is currently over 11 million VND/tael.

TRAN HOAI